Germany-Nigeria trade grows by 30%, hits €3 billion

Germany-Nigeria trade relations have recorded remarkable growth, rising by 30 percent to reach €3 billion.

Speaking ahead of the forthcoming Nigerian-German Binational Commission meeting scheduled to hold in Berlin, German Ambassador to Nigeria, Annett Günther, attributed the impressive growth to Nigeria’s ongoing economic recovery.

“Nigeria remains Germany’s second biggest trading partner in Sub-Saharan Africa with a total trade volume of €3 billion. Trade volumes have increased this year by 30% due to Nigeria’s economic recovery,” Günther said as reported by Naira Metrics.

She noted that more than 90 German companies currently operate in Nigeria, indirectly creating about 17,000 jobs across various sectors. According to her, more German investments are expected, particularly in the energy and pharmaceutical industries.

In the energy sector, the envoy revealed that the Presidential Power Initiative was now in its second phase.

On migration, Günther said no fewer than 7,600 visas were issued to Nigerians for study and short-term visits, adding that plans were already underway to increase the number.

She, however, emphasised the importance of legal migration.

She said, “All the common goals and projects would not work if they were not supported by travel on all levels between our two countries, plus legal migration.

“Last year alone, the German Embassy here in Abuja and the German Consulate General in Lagos granted around 1,400 long-term visas for purposes such as study in Germany, family reunion and employment, as well as around 6,200 visas for short-term stays such as business and tourism.

“This year, we are well on track to raise those numbers. The German missions remain committed to furthering the bilateral relations by granting visas to properly documented applications.”

On defence cooperation, the ambassador reaffirmed Germany’s continued support for Nigeria, saying her country “will continue to stand by Nigeria.”